When banks are too big to fail, whole countries fail instead. Bankster greed is destroying our nations, our cultures, and the water, air, and land where we drink, breathe, and live.
What the markets want, as one commenter points out:
The markets want money for cocaine and prostitutes
Paul Krugman featured this comment in one of his columns:
But never mind all that: read the comments, specifically this one:
“The markets want money for cocaine and prostitutes. I am deadly serious.
Most people don´t realize that “the markets” are in reality 22-27 year old business school graduates, furiously concocting chaotic trading strategies on excel sheets and reporting to bosses perhaps 5 years senior to them. In addition, they generally possess the mentality and probably intelligence of junior cycle secondary school students. Without knowladge of these basic facts, nothing about the markets makes any sense-and with knowladge, everything does.
What the markets, bond and speculators, etc, want right now is for Ireland to give them a feel good feeling, nothing more. A single sharp, sweeping budget would do that; a four year budget plan will not. Remember that most of these guys won´t actually still be trading in four years. They´ll either have retired or will have been promoted to a position where they don´t care about Ireland anymore. Anyone that does will be a major speculator looking to short the country for massive profit.
In lieu of a proper budget, what the country can do-and what will work-is bribe senior ratings agencies owners and officials to give the country a better rating. Even a few millions spent on bumping up Ireland´s rating would save millions and possibly save the country.
Bread and circuses for the masses; cocaine and prostitutes for the markets. This can be looked on a unethical obviously, but since the entire system is unethical, unprincipled and chaotic anyway, why not just exploit that fact to do some good for the nation instead of bankrupting it in an effort to buy new BMWs for unmarried 25 year olds.”
That´s what I call a policy recommendation – and it´s better than most of what passes for wisdom these days.”
I have a friend working in a posh hotel in New York. When I sent him this passage he wrote back:
“… having served many of these dudes at my hotel…..very true.”
For more on the American lead in all this see:
Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America by Matt Taibbi, taking off from his legendary Rolling Stone article. You can also read about the book discussed here.
Another book about the US financial crisis that sounds interesting is All the Devils Are Here: The Hidden History of the Financial Crisis. I have not seen the book yet, but did watch an interview with the authors that interested me.
Others who know far more than I have discussed all this and more. I have always been a fan of political cartoons, and the video above is an inspired example of the genre, worth spreading far and wide.